The Public Accounts Committee (PAC) of Ghana’s Parliament has grilled officials of the University of Ghana (UG) over their handling of a GH¢1.2 million investment fund.
The investment, which was made by the Office of Research Innovation and Development (ORID), UG, Legon, has been locked up with NDK Financial Services since 2019. The university has been unable to recoup the funds despite repeated PAC orders.
At a hearing on July 27, 2023, PAC members questioned UG officials about their decision to invest in NDK Financial Services, which is not a registered investment company. They also asked why the university had not taken steps to recover the funds.
UG officials were unable to provide satisfactory answers to these questions. They also failed to produce documents related to the investment, including the investment agreement and the bank statements.
As a result, PAC members have expressed concern about the university’s handling of the investment and have said they may recommend the prosecution of some officials.
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The PAC has also advised UG to prepare adequately for its next appearance before the committee.
Update:
- The PAC has since released a report on its findings, which found that UG officials had breached procurement regulations and engaged in financial malfeasance in the handling of the investment fund.
- The report has recommended that the university’s Vice Chancellor, Professor Nana Aba Appiah Amfo, be removed from office and that criminal charges be brought against her and other officials.
- The university has said that it will take steps to implement the PAC’s recommendations.
The case highlights the need for greater transparency and accountability in the management of public funds. It also raises questions about the role of universities in promoting responsible investment.